In about 200 words, answer one or all of the following questions by Wednesday night::

1. Why is it important to take a physical inventory periodically when using a perpetual inventory system?
2. If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costingFIFO, LIFO, or weighted average costwill yield (a) the highest inventory cost, (b) the lowest inventory cost, (c) the highest gross profit, and (d) the lowest gross profit?